Significant price fall is present with the formation of Hammer. Volume is high which indicates the trend reversal. Long position is considered when the price crosses the Hammer day high.
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Significant price fall is present with the formation of Hammer. Volume is high which indicates the trend reversal. Long position is considered when the price crosses the Hammer day high.
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Hi,
Good try……..the prior trend for the Hammer should be a down trend.
Just for reference…. read the below Criteria for Hammer pattern:
Hammers have a small real body and a long lower tail.
The upper tail should be invisible or very small in size
Hammer should be green in colour.
Hammers occur after a price decline.
Volume should be high during hammer day.
Thanks for the correction.